Penny Token Progress

4 min readAug 30, 2022

Launch details:

Penny token is launched on 21st August 2022.
Contract link: bscscan.com/token/0xf3011f55836a9f3f3bd2f6efcddaf198764a3f73
Network: Binance Smart Chain

Tokenomics:

Penny is a deflationary high emission multichain token with a hybrid tax system.
It has a 6% tax on DEX transactions:
2% is permanently burned from the supply.
2% is distributed to holders.
1.5% is sent to the marketing wallet and
0.5% goes to the protocol validator.
Starting supply is 50,000,000,000,000 Penny tokens.

Instead of releasing the complete supply into circulation, the Penny team locked 95% of tokens for a long time with vesting 2–4% monthly after that.
Liquidity is locked for 2 years, and team tokens for 6 months.

It’s no secret that supply and demand dictate the token price. Penny is still in the early stage (less than 10 days since launch) so some time will be needed for the community to understand the project. Same as for supply and demand to equalize with the price.
Meanwhile, the team will work on token utilities and marketing from one side to raise demand; and organize token burn events to deduct even this small circulating supply.

Burn Event:

The first burn event happened on the 24th of August and 0,5% of the ever-existing token has been burned.
TX: https://bscscan.com/tx/0x9b4bc4f71c33d6fc11ffcf075e9f28ab69c9bdfa466c2f29c19aea07b8e10c15

Marketing:

After checking all the token details, Travladd decided to make the call for the Penny token.
His official announcements:
https://t.me/travladdcryptoinvesting/201
https://twitter.com/OfficialTravlad/status/1562153000986189824
After his announcement, a few smaller call channels have been activated as well.

The first shilling contest has been organized, and ads took place on the coinmooner and some other platforms.

Listing:

In just a few days after launch, Penny has been listed on a few tracking websites. The most interesting for users was Coin Gecko for sure.
Here are some of the links:
https://www.coingecko.com/en/coins/penny-token
https://coinpaprika.com/coin/penny-penny-token/
https://www.livecoinwatch.com/price/PennyToken-PENNY

The listing form for CMC has been submitted, and for now, we are still waiting for their decision.

First utility platform:

As you probably know cryptogems.info is Penny first platform, and it has been presented to the new community members.
Android app V1 was checked and approved by Google Play.
You can download the application here:
https://play.google.com/store/apps/details?id=info.cryptogems.www.twa

This is the first platform from where part of the revenue will go into Penny liquidity and chart stabilization.
While we are working on the platform’s final touches, the promo team has been organized.
In the case that you want to work as a cryptogems.info marketing manager, you can join the Telegram group https://t.me/+j-uNi13zBxoxOTY0 where you can find all details regarding services that the platform is offering.

Audit:

The new Penny token code has been audited by InterFi company and you can find it here:
https://www.pennytoken.org/penny_auditreport_interfi.pdf

Staking platform:

Penny token has a staking platform app.pennytoken.org, where users can lock the tokens for 7 days. By locking the tokens, they are qualified to receive rewards that come from DEX taxes. As we already mentioned, 2% of a transaction tax is going to the staking rewards pool, from where it is shared to people that are staking Penny according to the share of the pool they have.
Since there is still a small number of people that are staking tokens, the first week of staking rewards has been amazing.

If you consider the option to become a Penny whale, staking is for sure the best way to do it.
You can find staking step by step guide in this video:

Conclusion

This was a list of updates that the Penny team has done since launch.
Probably I forgot to mention something, but this is nothing compared to what is coming.
Stick with us, take some tokens, and put them to staking. Let your portfolio grow together with Penny token.